How To Prepare For The Spring Property Season

personOtto Dargan access_timeAugust 13, 2019

The busy spring property season is just around the corner, and you know what that means?

Whether you’re planning to buy or sell, NOW is the time to start getting organised. Here’s how.

Tips if you’re planning to buy this spring

Get your finance sorted pronto

There’s no point starting the property hunt until you know how much you can borrow.

Talk to us, and we’ll explain your borrowing power and give you tips on increasing your borrowing power.

If you haven’t already done so, it’s also a good idea to get pre-approved for finance now, so that you don’t miss out on your dream home once you find it.

For most lenders, pre-approvals last 3-6 months.

Do your research

Whether you’re a first home buyer or you’ve been around the block, it’s important to do your homework.

  • Narrow down the suburbs you’re interested in and research the market value of your desired property type.
  • Check government websites for projects that may influence the capital growth potential.
  • Consider the zoning and whether upcoming developments could affect supply and demand.
  • Check out recent comparable sales on websites like realestate.com.au.
  • Get to know local real estate agents now, so that they keep you in the loop about new listings during spring.
  • Ask us for a free suburb report with all the key info you’ll need.
  • Attend several auctions before you actually bid.

Bidding at auction can be extremely daunting, particularly with the knowledge that there’s no cooling off period. You’ll want to feel confident about the process before going in guns blazing.

Over the coming weeks, make time to attend several auctions to get a feel for how they unfold. Even if you’ve bought at auction before, it’s a good idea to suss out the market in advance.

Golden tips

  • Avoid non-formal, non-written pre-approvals. Get a reliable pre-approval by getting it written and signed by the bank or lender.
  • Ask or negotiate for a cooling-off period of at least two weeks with the vendor.
  • Avoid buying at auction as a first home buyer unless you’re in a strong financial position with a deposit of more than 20% of the property value.

Tips if you’re planning to sell this spring

Declutter

That’s right, it’s time to channel your inner Marie Kondo (she’s a tidying expert, if you haven’t heard of her).

You may be thinking, ‘it’s only August, I’ll have time for that later,’ but it’s important not to underestimate how long the decluttering process can take!

Decluttering can make a world of difference to prospective buyers. It allows them to see the space more clearly and imagine themselves living in your home. In simple terms, space sells.

With that in mind, ditch what you don’t need and consider putting the majority of your belongings into storage.

Clean meticulously

Time to give your home a thorough clean. You’ll want your property looking its absolute best for when the inspections begin.

If there are any repairs or maintenance jobs you’ve been putting off over the winter, now is the time to address them.

Consider renovating

Want to drive up the sales price? Why not renovate this month and add value to your property?

Most experts recommend the top priorities when renovating for profit should be the kitchen and bathroom(s). If you need finance for these kinds of big-ticket renovations, we can help.

However, even making small cosmetic enhancements, like applying a fresh coat of paint or putting up new blinds, could result in a heftier price tag.

Minor work you may want to undertake includes:

  • Replacing carpet: $40-125 per square metre.
  • Refinishing hardwood floors: Between $30 to $50 per square metre for sanding and an extra $8-15 per square metre for the stain.
  • Repainting the interior walls: For a 3-4 bedroom house with 2 bathrooms, you’ll need about 18 litres of paint. This can cost around $650 all up.

Golden tips

  • Watch the property market, go to various inspections and auctions, and compare sale prices against listing prices, so you’ll have a good idea of the best price you can get for your property.
  • Interview atleast 2-3 real estate agents on their knowledge and experience of your neighbourhood. Ask them how they will market your property to reach prospective buyers.
  • Hire a reputed local conveyancer as legal requirements differ from state to state in regards to stamp duty, Contract of Sale, property taxes etc.

Sort out your finance for your next property purchase

Already found your next home?

You may need bridging finance to tide you over until settlement is finalised on your old property.

So, what’s on your to-do list this month?

Remember, whether you’re buying or selling this spring, now is the time to start planning and preparing. Speak to us for all your finance needs today!

You can call us on 1300 889 743 or fill in our online assessment form to discuss your options.

*This article originally appeared in Connective eNews and has been reprinted with permission. To know more about Connective, visit the website at www.connective.com.au